Local News Wire

WARNING: Precious Metals Scam

Beware of scams in the precious metals business.

Robert Kynoch with the Florida Office of Financial Regulation say they've investigated hundreds of complaints from people who bought gold through investment plans and were slammed with huge fees and commissions. Some lost everything.

"They are promising people that they own the physical metal and are just storing it for them...and what we find is...there is actually no gold."

"We've run into instances in which no gold is purchased and the money is absolutely misappropriated by the conmen who are on the phone with the investors."

If you really want to invest in precious metals, they suggest you buy some gold coins and stash them in a safe deposit box.

Click Here to put in a complaint with the Florida Office of Financial Regulation.